Fipb Form For Amendment (Fipb Approval) Cases: Fill & Download for Free

In a business, idea is not more important, so just start with your passion what you love. find that thing which you can do it without thinking about the money. so if anything that you can do it for your passion not for the money or fame then just connect that thing with a idea and take small steps.even recently government of India also support the startups as #startupindia so i explain you some legal points which makes doing the business in india very easy. i.e-1. Process of applying for Industrial License (IL) and Industrial Entrepreneur Memorandum (IEM) has been made online and this service is now available to entrepreneurs on 24x7 bases at the eBiz website. This had led to ease of filing applications and online payment of service charges. Following 14 services are integrated with eBiz portal which will function as a single window portal for obtaining clearances from various governments and government agencies:a. Industrial Licence (DIPP)b. Industrial Entrepreneurs Memorandum (DIPP)c. Employer Registration with ESICd. Employer Registration with EPFOe. Company name availability (MCA)f. Allotment of Directors' Identification Number (DIN)g. Certificate of company's incorporationh. Declaration of commencement of business (MCA)i. RBI's Foreign CollaborationGeneral Permission Routej. Advance Foreign Remittance (RBI)k. Permanent Account Number (PAN)l. Tax deduction Account Number (TAN)m. Issue of Explosive licence (PESO)n. Importer exporter code (IECDGFT)2. Notification has been issued on 12-03-2015 by DGFT to limit number of documents required for export and import to three.3. Ministry of Corporate Affairs has introduced an integrated process for incorporation of a company, wherein applicants can apply for Director’s Identification Number (DIN) and company name availability simultaneous to incorporation application [Form INC-29].4. The Companies Amendment Act, 2015 has been passed to remove requirements of minimum paid-up capital and common seal for companies. It also simplifies a number of other regulatory requirements.5. A comparative study of practices followed by the States for grant of clearance and ensuring compliances was conducted through M/s Accenture Services (P) Ltd. and six best practices were identified. These were circulated among all the states for peer evaluation and adoption. The study has also identified important bottlenecks faced by industries and important steps required to improve the business environment in States.6. Application forms for Industrial Licence (IL) and Industrial Entrepreneur Memorandum (IEL) have been simplified.7. Vide Press Note 3 (2014), Defence products’ list for industrial licensing has been issued, wherein large number of parts/components, castings/forgings etc. have been excluded from the purview of industrial licensing. Similarly dual use items, having military as well as civilian applications (unless classified as defence item) will also not require Industrial License from defence angle. For these items only an Industrial Entrepreneur Memorandum (IEM) has to be filed.8. Vide Press Note 5 (2014), initial validity period of Industrial License has been increased to three years from two years. This will give enough time to licensees to procure land and obtain the necessary clearances/approvals from authorities.9. MHA has stipulated that it will grant security clearance on Industrial Licence Applications within 12 weeks. In matters other than Explosives and FIPB cases, security clearances are valid for three years unless there is a change in composition of management or shareholding.10. Partial commencement of production is being treated as commencement of production of all the items included in the license. This has obviated the hardship of licensees to get their Industrial License extended even though they have started production.11. To facilitate investors and to reply to their queries, Frequently Asked Questions (FAQs) by applicants for grant of industrial license have been developed and uploaded on DIPP website.12. Vide Press Note 4 2014), the NIC Code NIC 2008 has been adopted, which is the advanced version of industrial classification. This code will allow Indian businesses to be part of globally recognized and accepted classification that facilitate smooth approvals/registration.13. Vide Press Note 6 (2014), the ‘Security Manual for Licensed Defence Industry’ has been issued. This has obviated the requirement of affidavit from applicants. Earlier, an affidavit signed before Judicial Magistrate was required from the applicant to confirm that they will comply with the safety & security guidelines/procedures laid down by the Ministry of Defence and Ministry of Home Affairs in Government of India. The applicants were facing difficulties in obtaining such affidavit and this was severely delaying the issue of License even after approval of Licensing Committee.14. A checklist with specific time-lines has been developed for processing all applications filed by foreign investors in cases relating to Retail/NRI/EoU foreign investments. This has been placed on the DIPP website.15. An Investor Facilitation Cell has been created in ‘Invest India’ to guide, assist and handhold investors during the entire life-cycle of the business.16. SEZ Units allowed removing goods for repair, replacement, testing, calibration, quality testing and research and development on self-attestation.17. Process of applying for Environment and Forests clearances has been made online through Ministry of Environment and Forests’ portals Page on environmentclearance.nic.in and Welcome to Forests Clearances .18. Requirement for Environment Assessment Report is required for industrial shed, school, college, hostel for education institution above 20,000 square meters of build-up area up to 150,000 square meters of build-up area.19. The issue of time taken in registration with Employees Provident Fund Organization (EPFO) and Employees State Insurance Corporation (ESIC) was taken up with the Ministry of Labour and Employment, Director General, ESIC and Central Provident Fund Commissioner. Both the processes have been automated and ESIC registration number is being provided on a real-time basis.20. An order facilitating revival and rehabilitation of MSMEs through banker’s committee has been issued by Ministry of MSME.For More Points Refer here- Easy Doing Business in India in 2015so hope these legal points help you to finding new opportunity.as a Motivation purpose recommendation for this video, watch carefully, you got your answer. -

Key Features of Budget 2016-2017INTRODUCTIONGrowth of Economy accelerated to 7.6% in 2015-16.India hailed as a ‘bright spot’ amidst a slowing global economy by IMF.Robust growth achieved despite very unfavourable global conditionsand two consecutive years shortfall in monsoon by 13%Foreign exchange reserves touched highest ever level of about 350 billion US dollars.Despite increased devolution to States by 55% as a result of the 14thFinance Commission award, plan expenditure increased at RE stage in2015-16 – in contrast to earlier years.CHALLENGES IN 2016-17Risks of further global slowdown and turbulence.Additional fiscal burden due to 7th Central Pay Commissionrecommendations and OROP.ROADMAP & PRIORITIES'Transform India' to have a significant impact on economy and lives ofpeople.Government to focus on –ensuring macro-economic stability and prudent fiscalmanagement.boosting on domestic demandcontinuing with the pace of economic reforms and policyinitiatives to change the lives of our people for the better.Focus on enhancing expenditure in priority areas of - farm and ruralsector, social sector, infrastructure sector employment generation andrecapitalisation of the banks.Focus on Vulnerable sections through:Pradhan Mantri Fasal Bima YojanaNew health insurance scheme to protect against hospitalisationexpenditurefacility of cooking gas connection for BPL familiesContinue with the ongoing reform programme and ensure passage ofthe Goods and Service Tax bill and Insolvency and Bankruptcy lawUndertake important reforms by:giving a statutory backing to AADHAR platform to ensure benefits reach the deserving.freeing the transport sector from constraints and restrictionsincentivising gas discovery and exploration by providingcalibrated marketing freedomenactment of a comprehensive law to deal with resolution offinancial firmsprovide legal framework for dispute resolution andre-negotiations in PPP projects and public utility contractsundertake important banking sector reforms and public listing ofgeneral insurance companies undertake significant changes in FDIpolicy.AGRICULTURE AND FARMERS’ WELFAREAllocation for Agriculture and Farmers’ welfare is ₹ 35,984 crore‘Pradhan Mantri Krishi Sinchai Yojana’ to be implemented in missionmode. 28.5 lakh hectares will be brought under irrigation.Implementation of 89 irrigation projects under AIBP, which arelanguishing for a long time, will be fast trackedA dedicated Long Term Irrigation Fund will be created in NABARD withan initial corpus of about ₹ 20,000 croreProgramme for sustainable management of ground water resourceswith an estimated cost of ₹ 6,000 crore will be implemented through multilateral funding5 lakh farm ponds and dug wells in rain fed areas and 10 lakh compostpits for production of organic manure will be taken up under MGNREGASoil Health Card scheme will cover all 14 crore farm holdings by March2017.2,000 model retail outlets of Fertilizer companies will be provided withsoil and seed testing facilities during the next three yearsPromote organic farming through ‘Parmparagat Krishi Vikas Yojana’ and 'Organic Value Chain Development in North East Region'.Unified Agricultural Marketing ePlatform to provide a common e- market platform for wholesale marketsAllocation under Pradhan Mantri Gram Sadak Yojana increased to `19,000 crore. Will connect remaining 65,000 eligible habitations by2019.To reduce the burden of loan repayment on farmers, a provision of ₹15,000 crore has been made in the BE 2016-17 towards interestsubventionAllocation under Prime Minister Fasal Bima Yojana ₹ 5,500 crore.850 crore for four dairying projects - ‘Pashudhan Sanjivani’, ‘NakulSwasthya Patra’, ‘E-Pashudhan Haat’ and National Genomic Centre forindigenous breedsRURAL SECTORAllocation for rural sector - ₹ 87,765 crore.₹ 2.87 lakh crore will be given as Grant in Aid to Gram Panchayats andMunicipalities as per the recommendations of the 14th FinanceCommissionEvery block under drought and rural distress will be taken up as anintensive Block under the Deen Dayal Antyodaya MissionA sum of ₹ 38,500 crore allocated for MGNREGS.300 Rurban Clusters will be developed under the Shyama Prasad Mukherjee Rurban Mission100% village electrification by 1st May, 2018.District Level Committees under Chairmanship of senior most Lok SabhaMP from the district for monitoring and implementation of designatedCentral Sector and Centrally Sponsored Schemes.Priority allocation from Centrally Sponsored Schemes to be made toreward villages that have become free from open defecation.A new Digital Literacy Mission Scheme for rural India to cover around 6 crore additional household within the next 3 years.National Land Record Modernisation Programme has been revamped.New scheme Rashtriya Gram Swaraj Abhiyan proposed with allocationof ₹ 655 crore.SOCIAL SECTOR INCLUDING HEALTH CAREAllocation for social sector including education and health care –₹1,51,581 crore.₹ 2,000 crore allocated for initial cost of providing LPG connections toBPL families.New health protection scheme will provide health cover up to ` Onelakh per family. For senior citizens an additional top-up package up to `30,000 will be provided.3,000 Stores under Prime Minister’s Jan Aushadhi Yojana will beopened during 2016-17.‘National Dialysis Services Programme’ to be started under National Health Mission through PPP mode“Stand Up India Scheme” to facilitate at least two projects per bankbranch. This will benefit at least 2.5 lakh entrepreneurs.National Scheduled Caste and Scheduled Tribe Hub to be set up inpartnership with industry associationsAllocation of ₹ 100 crore each for celebrating the Birth Centenary ofPandit Deen Dayal Upadhyay and the 350th Birth Anniversary of GuruGobind Singh.EDUCATION, SKILLS AND JOB CREATION62 new Navodaya Vidyalayas will be openedSarva Shiksha Abhiyan to increasing focus on quality of educationRegulatory architecture to be provided to ten public and ten privateinstitutions to emerge as world-class Teaching and Research InstitutionsHigher Education Financing Agency to be set-up with initial capital baseof ₹ 1000 CroresDigital Depository for School Leaving Certificates, College Degrees,Academic Awards and Mark sheets to be set-up.SKILL DEVELOPMENTAllocation for skill development – ₹ 1804. crore.1500 Multi Skill Training Institutes to be set-up.National Board for Skill Development Certification to be setup inpartnership with the industry and academiaEntrepreneurship Education and Training through Massive Open OnlineCoursesJOB CREATIONGoI will pay contribution of 8.33% for of all new employees enrolling inEPFO for the first three years of their employment. Budget provision of₹ 1000 crore for this scheme.Deduction under Section 80JJAA of the Income Tax Act will be availableto all assesses who are subject to statutory audit under the Act100 Model Career Centres to operational by the end of 2016-17 underNational Career Service.Model Shops and Establishments Bill to be circulated to States.INFRASTRUCTURE AND INVESTMENTTotal investment in the road sector, including PMGSY allocation, wouldbe ₹ 97,000 crore during 2016-17.India’s highest ever kilometres of new highways were awarded in 2015.To approve nearly 10,000 kms of National Highways in 2016-17.Allocation of ₹ 55,000 crore in the Budget for Roads. Additional `15,000 crore to be raised by NHAI through bonds.Total outlay for infrastructure - ₹ 2,21,246 crore.Amendments to be made in Motor Vehicles Act to open up the roadtransport sector in the passenger segmentAction plan for revival of unserved and underserved airports to bedrawn up in partnership with State Governments.To provide calibrated marketing freedom in order to incentivise gasproduction from deep-water, ultra deep-water and high pressure-hightemperature areasComprehensive plan, spanning next 15 to 20 years, to augment theinvestment in nuclear power generation to be drawn up.Steps to re-vitalise PPPs:Public Utility (Resolution of Disputes) Bill will be introduced during2016-17Guidelines for renegotiation of PPP Concession Agreements will beissuedNew credit rating system for infrastructure projects to beintroducedReforms in FDI policy in the areas of Insurance and Pension, AssetReconstruction Companies, Stock Exchanges.100% FDI to be allowed through FIPB route in marketing of foodproducts produced and manufactured in India.A new policy for management of Government investment in PublicSector Enterprises, including disinvestment and strategic sale, approved.FINANCIAL SECTOR REFORMSA comprehensive Code on Resolution of Financial Firms to beintroduced.Statutory basis for a Monetary Policy framework and a Monetary PolicyCommittee through the Finance Bill 2016.A Financial Data Management Centre to be set up.RBI to facilitate retail participation in Government securities.New derivative products will be developed by SEBI in the CommodityDerivatives market.Amendments in the SARFAESI Act 2002 to enable the sponsor of an ARCto hold up to 100% stake in the ARC and permit non institutionalinvestors to invest in Securitization Receipts.Comprehensive Central Legislation to be bought to deal with themenace of illicit deposit taking schemes.Increasing members and benches of the Securities Appellate Tribunal.Allocation of ₹ 25,000 crore towards recapitalisation of Public SectorBanks.Target of amount sanctioned under Pradhan Mantri Mudra Yojanaincreased to ₹ 1,80,000 crore.General Insurance Companies owned by the Government to be listed inthe stock exchanges.GOVERNANCE AND EASE OF DOING BUSINESSA Task Force has been constituted for rationalisation of human resources in various Ministries.Comprehensive review and rationalisation of Autonomous Bodies.Bill for Targeted Delivery of Financial and Other Subsidies, Benefits and Services by using the Aadhar framework to be introduced.Introduce DBT on pilot basis for fertilizer.Automation facilities will be provided in 3 lakh fair price shops byMarch 2017.Amendments in Companies Act to improve enabling environment for start-ups.Price Stabilisation Fund with a corpus of ₹ 900 crore to help maintainstable prices of Pulses.“Ek Bharat Shreshtha Bharat” programme will be launched to linkStates and Districts in an annual programme that connects peoplethrough exchanges in areas of language, trade, culture, travel andtourism.FISCAL DISCIPLINEFiscal deficit in RE 2015-16 and BE 2016-17 retained at 3.9% and 3.5%.Revenue Deficit target from 2.8% to 2.5% in RE 2015-16Total expenditure projected at ₹ 19.78 lakh crorePlan expenditure pegged at ₹ 5.50 lakh crore under Plan, increase of15.3%Non-Plan expenditure kept at ₹ 14.28 lakh croresSpecial emphasis to sectors such as agriculture, irrigation, social sectorincluding health, women and child development, welfare of ScheduledCastes and Scheduled Tribes, minorities, infrastructure.Mobilisation of additional finances to the extent of ₹ 31,300 crore byNHAI, PFC, REC, IREDA, NABARD and Inland Water Authority by raisingBonds.Plan / Non-Plan classification to be done away with from 2017-18.Every new scheme sanctioned will have a sunset date and outcomereview.Rationalised and restructured more than 1500 Central Plan Schemesinto about 300 Central Sector and 30 Centrally Sponsored Schemes.Committee to review the implementation of the FRBM Act.RELIEF TO SMALL TAX PAYERSRaise the ceiling of tax rebate under section 87A from ₹2000 to ₹5000to lessen tax burden on individuals with income upto `5 laks.Increase the limit of deduction of rent paid under section 80GG from₹24000 per annum to ₹60000, to provide relief to those who live inrented houses.BOOST EMPLOYMENT AND GROWTHIncrease the turnover limit under Presumptive taxation scheme undersection 44AD of the Income Tax Act to ₹ 2 crores to bring big relief to alarge number of assessees in the MSME category.Extend the presumptive taxation scheme with profit deemed to be 50%,to professionals with gross receipts up to ₹50 lakh.Phasing out deduction under Income Tax:Accelerated depreciation wherever provided in IT Act will belimited to maximum 40% from 1.4.2017Benefit of deductions for Research would be limited to 150% from1.4.2017 and 100% from 1.4.2020Benefit of section 10AA to new SEZ units will be available to thoseunits which commence activity before 31.3.2020.The weighted deduction under section 35CCD for skill developmentwill continue up to 1.4.2020Corporate Tax rate proposals:New manufacturing companies incorporated on or after 1.3.2016to be given an option to be taxed at 25% + surcharge and cessprovided they do not claim profit linked or investment linkeddeductions and do not avail of investment allowance andaccelerated depreciation.Lower the corporate tax rate for the next financial year forrelatively small enterprises i.e companies with turnover notexceeding ₹ 5 crore (in the financial year ending March 2015), to29% plus surcharge and cess.100% deduction of profits for 3 out of 5 years for startups setup during April, 2016 to March, 2019. MAT will apply in such cases.10% rate of tax on income from worldwide exploitation of patentsdeveloped and registered in India by a resident.Complete pass through of income-tax to securitization trusts includingtrusts of ARCs. Securitisation trusts required to deduct tax at source.Period for getting benefit of long term capital gain regime in case ofunlisted companies is proposed to be reduced from three to two years.Non-banking financial companies shall be eligible for deduction to theextent of 5% of its income in respect of provision for bad and doubtfuldebts. .Determination of residency of foreign company on the basis of Place ofEffective Management (POEM) is proposed to be deferred by one year.Commitment to implement General Anti Avoidance Rules (GAAR) from1.4.2017.Exemption of service tax on services provided under Deen DayalUpadhyay Grameen Kaushalya Yojana and services provided byAssessing Bodies empanelled by Ministry of Skill Development &Entrepreneurship.Exemption of Service tax on general insurance services provided under‘Niramaya’ Health Insurance Scheme launched by National Trust for theWelfare of Persons with Autism, Cerebral Palsy, Mental Retardation andMultiple Disability.Basic custom and excise duty on refrigerated containers reduced to 5%and 6%.MAKE IN INDIAChanges in customs and excise duty rates on certain inputs to reducecosts and improve competitiveness of domestic industry in sectors likeInformation technology hardware, capital goods, defence production,textiles, mineral fuels & mineral oils, chemicals & petrochemicals,paper, paperboard & newsprint, Maintenance repair and overhauling[MRO] of aircrafts and ship repair.MOVING TOWARDS A PENSIONED SOCIETYWithdrawal up to 40% of the corpus at the time of retirement to be taxexempt in the case of National Pension Scheme (NPS). Annuity fundwhich goes to legal heir will not be taxable.In case of superannuation funds and recognized provident funds,including EPF, the same norm of 40% of corpus to be tax free will applyin respect of corpus created out of contributions made on or from1.4.2016.Limit for contribution of employer in recognized Provident andSuperannuation Fund of ₹ 1.5 lakh per annum for taking tax benefit. Exemption from service tax for Annuity services provided by NPS andServices provided by EPFO to employees.Reduce service tax on Single premium Annuity (Insurance) Policies from3.5% to 1.4% of the premium paid in certain cases.PROMOTING AFFORDABLE HOUSING100% deduction for profits to an undertaking in housing project for flatsupto 30 sq. metres in four metro cities and 60 sq. metres in other cities,approved during June 2016 to March 2019 and completed in threeyears. MAT to apply.Deduction for additional interest of ₹50,000 per annum for loans up to₹35 lakh sanctioned in 2016-17 for first time home buyers, wherehouse cost does not exceed ₹ 50 lakh.Distribution made out of income of SPV to the REITs and INVITs havingspecified shareholding will not be subjected to Dividend DistributionTax, in respect of dividend distributed after the specified date.Exemption from service tax on construction of affordable houses up to60 square metres under any scheme of the Central or StateGovernment including PPP Schemes.Extend excise duty exemption, presently available to Concrete Mixmanufactured at site for use in construction work to Ready MixConcrete.RESOURCE MOBILIZATION FOR AGRICULTURE, RURAL ECONOMY AND CLEAN ENVIRONMENTAdditional tax at the rate of 10% of gross amount of dividend will bepayable by the recipients receiving dividend in excess of ₹ 10 lakh perannum.Surcharge to be raised from 12% to 15% on persons, other thancompanies, firms and cooperative societies having income above ₹ 1crore.Tax to be deducted at source at the rate of 1 % on purchase of luxurycars exceeding value of ₹ 10 lakh and purchase of goods and services incash exceeding ₹ 2 lakh.Securities Transaction tax in case of ‘Options’ is proposed to beincreased from .017% to .05%.Equalization levy of 6% of gross amount for payment made to non- residents exceeding ₹1 lakh a year in case of B2B transactions.Krishi Kalyan Cess, @ 0.5% on all taxable services, w.e.f. 1 June 2016.Proceeds would be exclusively used for financing initiatives forimprovement of agriculture and welfare of farmers. Input tax credit ofthis cess will be available for payment of this cess.Infrastructure cess, of 1% on small petrol, LPG, CNG cars, 2.5% on dieselcars of certain capacity and 4% on other higher engine capacity vehicles and SUVs. No credit of this cess will be available nor credit of any othertax or duty be utilized for paying this cess.Excise duty of ‘1% without input tax credit or 12.5% with input taxcredit’ on articles of jewellery [excluding silver jewellery, other thanstudded with diamonds and some other precious stones], with a higherexemption and eligibility limits of ₹6 crores and ₹12 croresrespectively.Excise on readymade garments with retail price of ₹1000 or moreraised to 2% without input tax credit or 12.5% with input tax credit.‘Clean Energy Cess’ levied on coal, lignite and peat renamed to ‘CleanEnvironment Cess’ and rate increased from ₹200 per tonne to ₹400 pertonne.Excise duties on various tobacco products other than beedi raised byabout 10 to 15%.Assignment of right to use the spectrum and its transfers has beendeducted as a service leviable to service tax and not sale of intangiblegoods.PROVIDING CERTAINITY IN TAXATIONCommitted to providing a stable and predictable taxation regime andreduce black money.Domestic taxpayers can declare undisclosed income or such incomerepresented in the form of any asset by paying tax at 30%, andsurcharge at 7.5% and penalty at 7.5%, which is a total of 45% of theundisclosed income. Declarants will have immunity from prosecution.Surcharge levied at 7.5% of undisclosed income will be called KrishiKalyan surcharge to be used for agriculture and rural economy.New Dispute Resolution Scheme to be introduced. No penalty inrespect of cases with disputed tax up to ₹10 lakh. Cases with disputedtax exceeding ₹10 lakh to be subjected to 25% of the minimum of theimposable penalty. Any pending appeal against a penalty order can also be settled by paying 25% of the minimum of the imposable penalty andtax interest on quantum addition.High Level Committee chaired by Revenue Secretary to oversee freshcases where assessing officer applies the retrospective amendment.One-time scheme of Dispute Resolution for ongoing cases underretrospective amendment.Penalty rates to be 50% of tax in case of under reporting of income and200% of tax where there is misreporting of facts.Disallowance will be limited to 1% of the average monthly value ofinvestments yielding exempt income, but not exceeding the actualexpenditure claimed under rule 8D of Section 14A of Income Tax Act.Time limit of one year for disposing petitions of the tax payers seekingwaiver of interest and penalty.Mandatory for the assessing officer to grant stay of demand once theassesse pays 15% of the disputed demand, while the appeal is pendingbefore Commissioner of Income-tax (Appeals).Monetary limit for deciding an appeal by a single member Bench ofITAT enhanced from ₹15 lakhs to ₹50 lakhs.11 new benches of Customs, Excise and Service Tax Appellate Tribunal(CESTAT).SIMPLIFICATION AND RATIONALIZATION OF TAXES13 cesses, levied by various Ministries in which revenue collection isless than ₹50 crore in a year to be abolished.For non-residents providing alternative documents to PAN card, higherTDS not to apply.Revision of return extended to Central Excise assesses.Additional options to banking companies and financial institutions,including NBFCs, for reversal of input tax credits with respect to non- taxable services.Customs Act to provide for deferred payment of customs duties for importers and exporters with proven track record.Customs Single Window Project to be implemented at major ports andairports starting from beginning of next financial year.Increase in free baggage allowance for international passengers. Filingof baggage only for those carrying dutiable goods.TECHNOLOGY FOR ACCOUNTABILITYExpansion in the scope of e-assessments to all assessees in 7 megacities in the coming years.Interest at the rate of 9% p.a against normal rate of 6% p.a for delay ingiving effect to Appellate order beyond ninety days.‘e-Sahyog’ to be expanded to reduce compliance cost, especially forsmall taxpayers.

I will try to put a view point based on my assessment. I not affiliated to any party and the below analysis is purely based on my readings and analysis. In any country, development of people is driven by the economy of that country, and therefore analysing thing from economic point of view is very important. So let me try to explain it in layman’s language.In order to develop any economy, the government has to kick start this cycle again. This cycle gets stagnated, when there are less savings and investment opportunities in the economy, therefore at times when NPAs were on a rise, and corporates were not making enough profits themselves to finance new investment/ or service old loans, it became very critical to start this cycle again with the help of policies and government interventions.Step 1 : SavingsSavings made by me and you are channeled by the banks to the corporates as loans, due to rising NPAs banks became risk averse and also had very less amount left with them to give fresh loans.BJP government took number of steps to revive the savings in banks. Government realised that there is a large chunk of people, who don’t have the bank accounts. Further, they noticed that due to heavy cash transactions, there is a leak of cash from the banking system and it is also giving rise to a parallel economy, basically black market. The challenge was to plug these leakages and to bring more and more people to banking, so that more cash comes in to the system, which can be later loaned to corporates for investments.Jan Dhan YojnaTo bring more people to banking fold, the government reached to the weaker and poor sections of the society. As an incentive government gave them health insurance and other lucrative savings scheme as an incentive to put money in the banks. With time, Jan dhan became a big sucess and at the time of writing this answer, there are more than 31 Crores Jan Dhan account with various banks with over 81,000 crore in deposits.[1] Also, there are more than 23 crore Rupay cards issued to these Jan Dhan account holders, which is a step towards cash less economy. At this point, one should note than without Jan Dhan accounts, demonetization was not possible, therefore Jan Dhan was launched before the cash was pulled back from the economy.[2]DemonetisationThen came the controversial Demonetisation scheme. The target of demonetisation was to attack the black money, which allegedly was held in cash by the hoarders. Though, demonetisation was a very bold step, the execution of the plan went wrong in many ways. To start with, government had no estimate of the black money, which was held in cash, it was based more on a hunch. Further, even after demonetisation, a lot of plugs were left open to launder money or to dodge the tax authorities. Many banks were found involved in money laundering practices, like Axis bank, which defeated the whole purpose of the exercise.[3] Even the economic survey issued by the government in the current years, admits categorically that demonetisation slowed the growth rate of the economy. However, there were number of benefits too. Number of tax payers increased.[4] Also, economy shifted significantly towards being the cashless economy, bringing more and more money in to the system, leading to better savings and hence investment. Also, though it might have failed to catch the black money hoarders, it laid a ground to put checks in place, so that future offenders can be caught easily.There were many other schemes like Digital India, Post office savings accounts, Payment banks etc., which came in to picture to boost savings. Though I believe that the above two were the game changers. This brings me to the second part of the cycle :Step 2 : InvestmentTo boost investment, there has to be enough opportunities available to invest. I will cover the opportunities part in step 3. Here i will focus on how government extended loans and credits to the people and corporates, so that when the opportunity arrives, no shortage of credit should be encountered.Recapitalization of banks.Due to rising NPAs, banks were looking at extreme shortage of funds. Shortage of funds, made them extremely cautious towards the prospective loans, and in turn they became risk averse. Government was facing the challenge to not only refinance the bank’s capital, but was also to put procedures in place, so that banks do not fall in to the traps of NPAs again. Therefore, proper bankruptcy laws were also required, at such time bank recapitalisation happened.Government announced a scheme to recapitalise the banks by giving 2.11 lakh crores.[5] The scheme was financed partially by the finance ministry through the budget, and partially through bonds issues. Details can be read from the link.Post that, government came up with Indian Bankruptcy Code, to make sure that the corporates, who are defaulting in loans, are taken to trial and amount could be recovered from them by selling of their assets.[6]Thus, the government not only recapitalised the banks, but also installed controls to keep them safe from the NPAs. How bankruptcy code works, can be checked from the above link.Finance schemes - MUDRA, Startup India, SIDBI loans.Big corporates generally have there hands on money thorough open market operations, such as IPOs, debentures etc. Keeping that in mind, the government brought a number of schemes to finance small businesses. Schemes like MUDRA to finance micro units[7], Startup India to finance new ideas with ease[8]. Further, old schemes which were already operating like SIDBI loans etc. were made more accommodating during the regime to better deal with the finance needs of the businesses, a plan named rebooting CGMTSE was launched[9]. Details of the loans given under these schemes and the benefits can be checked through the given links, or simple google search.Also, due to the reforms carried out by the government, the international credit rating of the country was upgraded, making international credit cheaper. [10] Other schemes such as tax incentives to angel investors etc. were also launched, but were of less significance.Step 3 : Production.This is one of the most significant part of the whole cycle as it determines the GDP of the country, along with employment and income of the population. Production has linked to it, the business scenarios of the country, and hence, the overall development.Factors of production - Land, Labor, Capital and Enterprise.Economics enthusiast reading this will know that without targeting the factors of production, overall production, be it services, agriculture or manufacturing, cannot be improved. The government schemes are pointed towards these factors too :Land : Controversial land acquisition act. 2013[11] was brought in by the government to facilitate the corporates to acquire the land without hassles and to ensure proper compensation to the farmers and to those, whose lands were acquired. It was widely opposed by the other parties as pro corporate, which was true to some extent, but the target was to make lands easily accessible for development purpose. Subsequent to the protest, a lots of changes were proposed and made to the bill.[12]Labor : Uniform labor code is proposed and is all set to be enacted. This will make the labor laws hassle free and easy. 38 various acts will be combined in 4 labor codes to make it easy to follow and implement.[13]Capital : Read investment section above for capital.Enterprise : Enterprise basically means, setting up of business units and related compliance, taxes etc. Progress in this front is visible by the fact that India jumped 42 positions, from 142 to 100 , in ease of doing business index published by world bank. [14] India was one of the top performers in 6 out of 10 top parameters. Scenarios like implementation of GST, easy of electricity availability, clearances and compliance etc. improved significantly.Make in IndiaMake in India is a plan, most of the Indians are aware of. Cutting down on imports and starting our own production of things is important. It entails self sufficiency, technology transfer, development of rural areas etc. with it. Since the launch of this program, Foreign direct investments (FDIs) have increase many fold.[15] A lot of foreign companies are setting shops in India, who earlier were mere exporters to India. This leads to employment and availability of better opportunities for youngsters.InfrastructureProjects like Bharatmala, which connects the border areas to main land.[16] Sagarmala[17]to connect Indian waterways, providing electricity to all the villages of India[18], creating dedicated freight corridors for better movement of goods[19] are some plausible projects, facilitating faster movement of goods. Speed of road construction has tripled [20] during the NDA regime.Other policy changes, such as better foreign policies, launch of sites like E-Biz, to deal with issues faced by new business and to guide them on the process was launched.[21]Also, strict policies by government for Babu’s and other government employees, made them more accountable and efficient in their work, further speeding the pace at which various departments work. One can take example of passport office, FIPB board etc. as example.[22] Ministers are solving issues on twitter, which is unprecedented in Indian politics history, wherein we were used to uneducated politicians. [23]Step 4 : Income/ ConsumptionThis step is dependent on how the rest 3 of the projects are implemented. This is linked to the employment and income level of the country, which is on a rise as per the growing GDP index.[24] Further, the benefits of the projects mentioned above will take time to be visible, but will come to fruition in near future.Coming to the other aspects of the government, there has been a little surge in right wing extremists in India, like Gaurakshaks[25], Bajrang Dal etc., which is a concern that the incumbent government should address with utmost care. Though, what the media shows and what opposition tries to push is way more than the actual. “Intolerance” as a word has been publicized intensively by the opposition to garner the votes of minority, though it has turned to be of little help to them, as shown in the recent state elections.Also, there is no doubt of the fact that the global image of India has improved significantly under BJP regime. Managing good relationships with Gulf countries as well as Israel, USA as well as Russia, balancing between China and Pakistan are all examples of the diplomatic victory of the country.Another concern raised in recent days is one that of rising petrol prices, which is a legit concern as at this point of time, almost half of the price of petrol goes as taxes to government.[26] Also, many of these are state taxes and therefore, state government can reduce the prices by cutting on their revenues. Also, if brought to GST, the price of petrol can be reduces significantly, but at the same time, fiscal deficit of the government will increase, causing a reduction in infrastructure spending. Given a choice between the two, government will choose the later any day as this government has shown time and again that they do not fear taking bold steps. Also, price of petrol was low in past year and the year before, which has caused the consumers to save on petrol spending. Further, at the current price, petrol do not cost significantly higher than the price left by the UPA regime.[27]Narratives pushed by the opposition parties are true but also misleading to large extent.Conclusion : The government has not fulfilled some of its promises like bringing back black money, providing 2 crore jobs etc. But has made some significant strides towards those goals. On all the other fronts, government has performed well. In some cases, they have exceeded the expectations.The problem with the democracy in India is that the noise made by the brigade who are propagating hate in the form of intolerance is very high than those, who want to evaluate the government on merits. Twitter, facebook and news houses are showing news on Petrol, Karnataka Elections, but no one is bothered to show the news on policies. In such scenario, teaching people on how to evaluate the government on merits is very important to facilitate proper decision making. I urge people to base their inclinations on facts and not on false propagated agendas.Rating : 8/10.Footnotes[1] https://www.pmjdy.gov.in/account[2] More Jan Dhan a/cs opened before note ban than after[3] http://www.business-standard.com/article/current-affairs/demonetisation-ed-arrests-2-axis-bank-officers-in-a-money-laundering-case-116120500245_1.html[4] India Economic Survey 2018: Demonetisation brings in 10 million new taxpayers to India’s tax base[5] India unveils details of bank recapitalisation plan[6] Insolvency and Bankruptcy Code, 2016 - Wikipedia[7] Micro Units Development & Refinance Agency Ltd.[8] Startupindia, Department of Ministry of Commerce and Industry, Government of India[9] CREDIT GUARANTEE FUND TRUST FOR MICRO AND SMALL ENTERPRISES (CGTMSE)[10] A look at India's rating upgrade and its implications[11] All you wanted to know about new land acquisition Bill[12] The Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement (Amendment) Ordinance, 2015[13] Cabinet Approves The Labour Code On Wages Bill[14] The 'Ease of Doing Business' in India[15] Is FDI the new engine of growth?[16] What is Bharatmala Project?[17] Ministry of Shipping, GOI, Government of India[18] All villages in India electrified: PM - Times of India[19] Dedicated Freight Corridor Corporation of India - Wikipedia[20] NDA beats UPA, rolls out roads faster - Times of India ►[21] eBiz-India's G2B Portal - Home[22] Simplifying India’s Passport Process[23] Modi Cabinet reshuffle: Full list of new council of ministers - Times of India[24] Economic Survey 2017-18: India GDP growth rate seen bouncing back 7-7.5% in FY19[25] Bhartiya Gau Raksha Dal - Wikipedia[26] Rising fuel prices: What lies ahead?[27] NDA vs UPA: Saga of fluctuating fuel prices and shifting narratives | Latest News & Updates at Daily News & Analysis